Nifty 50 hits all-time high on GDP boost, exit poll predictions

NEW DELHI: Both equity indices in India continued their upward trend for the fourth consecutive day on Friday, with the Nifty 50 reaching a new all-time high in the morning session. This surge was fueled by positive macroeconomic indicators and ongoing inflows from foreign funds.
In the early trading hours, the BSE Sensex rose by 308.52 points, reaching 67,296.96, while the Nifty increased by 96.1 points to 20,229.25, later achieving a record peak of 20,245.20.
India’s economy grew by 7.6% in the September quarter, surpassing both the 6.8% prediction from a Reuters poll of economists and the Reserve Bank of India’s estimate of 6.5%, with manufacturing being a key growth driver.
“India’s growth outlook remains positive, with various capex initiatives of the government likely to trigger consumption at the bottom of the pyramid,” Pramod Gubbi, founder of Marcellus Investment Management, told Reuters.
In November 2023, India’s Nifty and Sensex recorded their best performance for the year, supported by the resurgence of foreign portfolio investor (FPI) inflows.
FPIs ended a two-month selling trend in November, purchasing stocks valued at 90 billion rupees ($1.1 billion).
Leading the gains among the Sensex companies were Larsen & Toubro, NTPC, Asian Paints, Maruti, Sun Pharma, ITC, IndusInd Bank, and State Bank of India. On the other hand, Wipro, HCL Tech, Infosys, Tech Mahindra, Titan, and Mahindra & Mahindra experienced declines.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “The market momentum which pushed the Nifty up by 6 per cent in November is likely to be sustained since the incoming data and news are positive. First, the Q2 FY24 GDP growth rate at 7.6 per cent has surpassed expectations. Second, the exit polls results indicate a high possibility of political stability after the general elections. The market will appreciate this.”
Most exit polls released on Thursday predicted the BJP leading in Madhya Pradesh and having an advantage in Rajasthan, while the Congress seemed to have the upper hand in Telangana and Chhattisgarh.
In other Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong saw declines.
In the US, Wall Street’s equity indexes experienced an overnight rise, with the Dow Jones Industrial Average having its best month since October 2022. This was influenced by consumer spending data that indicated a slowdown in demand, which in turn improved the rate outlook.
(With inputs from agencies)

Read original article here

Denial of responsibility! News Continue is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a Comment